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Specialty insurer Argonaut Group Inc. will merge with the storm-impacted PXRE Group Ltd. to form Argo Group. The deal is expected to close by the end of third-quarter 2007, the companies said.

Under terms of the agreement, Argo Group will become the Bermuda holding company for PXRE’s existing insurance subsidiaries, Argonaut Group’s U.S. operations and a newly formed Bermuda reinsurer named Peleus Reinsurance Ltd.

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